Viral hepatitis is currently the world’s 7th deadliest human disease. To mark World Hepatitis Day on June 28, SCOR Global Life Medical Director Dr. Gabriela Buffet shares some key points about this widespread pathology.

In the video interview below, Thomas Sterner, Professor of Environmental Economics at the University of Gothenburg in Sweden, explores the risks associated with climate change and the uncertainty surrounding their quantification. He goes on to discuss the most efficient tools to mitigate those risks from the perspective of policymakers, corporates and the (re)insurance industry.

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SCOR has an integrated business model that combines a worldwide network of experts, enabling proximity to clients, with transversal functions that provide strong technical drive, supervision and governance, supported by a sophisticated and consistently developed global IT infrastructure. All of the P&C Functions helps to ensure that SCOR is able to be a trusted, long-term trading partner for our customers.

The heads of the functional departments, along with the CEO and CUOs of Treaties and Specialties, compose the P&C Leadership Team.

Functional expertise

Actuarial Pricing

Antoine Neghaiwi, Chief Pricing Actuary

Pricing Actuarial teams work closely with the Underwriting teams in the offer of solutions to our customers’ risk management needs. Working on a deal by deal basis, the pricing actuaries make financial projections and then quantify the risks according to characteristics of the customer’s portfolio, the terms and conditions, and specific market and economic outlooks. The quality and consistency of the analyses is enhanced via:

The expertise and market know-how of underwriting teams

Working with and relying on the expertise of the Nat Cat, Reserving and Claims teams

Regular analytics and maintenance of models specific to markets and portfolios

Setting of Global guidelines, best practices, and governance framework

Development and maintenance of Global Pricing Tools and Systems

Administration & Finance

Christian Delannes, Chief Financial Officer

The Administration & Finance department handles a wide range of operational matters in support of the business as well as clients, investors, and regulators. The team handles all core finance functions such as the financial planning and reporting, solvency and capital management, business analysis, methods and process, internal controls, as well as technical accounting.

The central team located in Paris operates with the strong support of local teams for managing the overall network of entities and branches.

Catastrophe Risk Modelling

Paul Nunn, Head of Catastrophe Risk Modeling

For many clients, catastrophe risk modeling lies at the heart of SCOR’s technical, risk-based approach to underwriting. SCOR has consistently supported excellence in modeling and risk taking more generally through both internal R&D efforts and support of industry-wide efforts. We have developed new catastrophe risk modeling technology, both proprietary and open source. More broadly, the team supports SCOR’s efforts to model and manage risk aggregations across the book.

Recently the team has supported the development of:

“SCOR Cat Platform”: to enable the Group to monitor Cat exposures in real time and therefore to optimize the portfolio and provide timely responses to market opportunities.

“Oasis” Open Source Cat Model: including commissioning new models in Oasis format, and building out a Production IT environment to run Oasis format models.

The Catastrophe Risk Modelling team is also keen to share knowledge, providing SCOR Campus trainings to clients and writing scientific publications, such as a recent series on earthquakes.

Claims management

Stuart Willoughby, Global Head of Claims Management

The swift payment of covered claims is the fundamental promise in every (re)insurance contract that SCOR writes. The Global claims team staffed with industry experts is here to make that happen for our clients. We offer clear communication and a consistent claims philosophy so that we can provide support every step of the way through the claims process. Our aim is to ensure our claims service promotes and strengthens long term relationships with our business partners and their customers.

Legal Services Operations

Simon Wright, Head of Legal Services Operations

The Legal team provides concise, accurate, and timely legal advice in support of the company’s commercial objectives and obligations concerning legal, regulatory, and compliance matters.

Legal experts sit in each of the hubs and work closely with other departments such as Claims and Underwriting.

Reserving

Actuarial reserving teams are located in major SCOR offices in Europe, Asia Pacific and the Americas, benefitting from local knowledge and expertise. Working closely with Finance and Claims departments, our actuaries enable SCOR to provide prudent management of the company’s reserves within a strong governance regime. The team works closely with other internal stakeholders such as Risk Management and the Group Internal Model team to ensure the long term stability of the SCOR’s solvency.

Risk Management

The Risk Management team structures all relevant risk management activities, tools and governance across the non-life Division, which aim at monitoring, challenging and advising on risks within the frame of the fully integrated ERM Framework. The overarching objective is to ensure that the risk profile is in line with the risk appetite, preferences and tolerances set for the Group. This is achieved by a range of mechanisms, amongst others the quarterly risk assessments and analyses conducted via the Risk and Capital Committee. Periodic business portfolio reviews are led by the team for identifying and sharing risk related practices around Underwriting, Pricing, NatCat modelling, and Claims, and for fostering the risk culture across the organization. Responses to regulatory requirements, such as Own Risk and Solvency Assessments, are centrally coordinated to ensure a maximum of consistency, efficiency and business relevance. Quantitative and qualitative risk analyses and opinions are provided for business plans and initiatives in order to ensure critical risks are considered within business decision-making.

The team monitors the effectiveness of the Internal Control System and provides expertise to process owners for a continuous improvement of the process design and efficiency. SCOR’s ERM expertise is furthermore shared with clients through tailor-made trainings, forums and exchanges with SCOR’s experienced team of risk experts.

Strategy and Development

Adrian Jones, Head of Strategy & Development

Strategy and Development is a cross-functional team responsible for SCOR’s 3-year strategy, business development (both organic and inorganic), broker relationships, planning, and InsurTech. The team has diverse backgrounds including staff hired from top-tier consultancies, investment banks, reinsurers and insurers, and other professional services companies. The team is an entry point to SCOR P&C for insurers, brokers, or entrepreneurs with innovative new business ideas including InsurTech-related opportunities.

Sylvie Van Viet, Head of Underwriting Management

The Underwriting Management team’s main objective is to ensure that SCOR maintains Underwriting standards throughout the group whilst supporting business development and strategic positioning.

Each year, the team issues the Worldwide Underwriting Guidelines which define SCOR’s underwriting rules and reflect developments in the reinsurance market whilst maintaining a consistent approach within SCOR’s risk appetite. The team also manages referrals for that business that falls outside of the parameters set in the guidelines (in terms of monetary capacity, complexity or specificity of risks), working closely with underwriters to find a commercially viable way in order to provide support for our clients’ needs.

Underwriting Management interacts throughout the year with Group Risk Management and other SCOR P&C departments, works on Portfolio and exposure accumulation monitoring (terrorism, large contracts, etc.) and participates in various Internal projects (SII, IT tools- PacMan, Compliance Tool, New product developments) in order to facilitate the support of the underwriters and our customers’ needs.

In addition, the team provides high quality risk control services for both internal & external customers to improve the quality of a risk via risk inspections on site, risk engineering services tailored to customers (customers' services/internal training).

The team also manages SCOR’s outwards retrocession risk transfer through the purchase of reinsurance and retrocession. In accordance with the Group’s risk appetite, the team optimizes SCOR's protection through a diversified range of traditional and innovative risk solutions with controlled counterparty risk.